“The upbeat narrative of just a short while ago -– of a budding recovery spurred by past reforms and an easing of fiscal austerity -- has given way to deep concerns as growth flags and market tensions rise,” Alessandro Leipold, a former International Monetary Fund official who is now chief economist at the Lisbon Council research group in Brussels, said in a note today.

“The upbeat narrative of just a short while ago - of a budding recovery spurred by past reforms and an easing of fiscal austerity - has given way to deep concerns as growth flags and market tensions rise,” said Alessandro Leipold, former head of the European department at the International Monetary Fund and chief economist at the Lisbon Council.